Ms. Claudia Tornquist reports
KODIAK DRILLS 213 M OF 0.65% COPPER AND 0.37 G/T GOLD (1.00% CUEQ) AND 171 M OF 0.62% COPPER AND 0.43 G/T GOLD (1.03% CUEQ)
Kodiak Copper Corp. has released drill results from five further holes at its continuing fully financed exploration program at the 100-per-cent-owned MPD copper-gold porphyry project. MPD is located near producing mines in the prolific Quesnel trough in Southern British Columbia, with excellent infrastructure and year-round accessibility from paved highways.
Claudia Tornquist, president and chief executive officer of Kodiak, said: "Once again, the Gate zone has yielded impressive copper-gold numbers over significant widths. With only a small number of holes drilled so far, we have already intersected the newly discovered high-grade zone at Gate and the surrounding larger mineralized envelope over significant dimensions. Over 90 per cent of this kilometre-long target remains unexplored by Kodiak, with considerable discovery potential yet to be unlocked. With our expanded drill program, we anticipate drilling over four times as much as last year, with up to 30,000 metres planned and fully funded. Field crews have now been mobilized and are preparing a new dedicated core logging facility, and rigs are anticipated to be turning again shortly. Against the backdrop of the strongest copper market in a decade, Kodiak is well positioned to make 2021 its most active and exciting year yet."
- The 2020 MPD drill campaign has demonstrated excellent continuity of porphyry mineralization at the Gate zone by intersecting a large, zoned and significantly enriched copper-gold envelope.
- New drill hole MPD-20-007 intersected 213 metres of 0.65 per cent copper, 0.37 gram per tonne gold and 2.23 g/t silver (1.00 per cent copper equivalent) within a broader 441 m interval of 0.42 per cent Cu, 0.22 g/t Au and 1.49 g/t Ag (0.63 per cent CuEq) from 279 to 720 m downhole.
- New drill hole MPD-20-006 intersected 171 m of 0.62 per cent Cu, 0.43 g/t Au and 2.55 g/t Ag (1.03 per cent CuEq) within a broader 449.2 m interval of 0.34 per cent Cu, 0.21 g/t Au and 1.48 g/t Ag (0.55 per cent CuEq) from 183 to 633 m downhole.
- New drill hole MPD-20-010 was a 290 m stepout to the west of all other Gate drilling, and successfully intersected the same mineralized system containing high-grade copper-gold vertically above, and west of previous intercepts. It also intersected the first high-grade gold intercept from Kodiak's 2020 drill program, returning 9.62 g/t Au and 2.40 g/t Ag over 3.0 m within a carbonate-sericite-pyrite breccia (phyllic zone) from 778 to 781 m downhole. The extension of the Gate zone high-grade copper zone returned 46.4 m of 0.57 per cent copper, 0.16 g/t gold and 1.80 g/t silver (0.73 per cent CuEq) from 269.0 to 315.4 m downhole.
- Mineralization at Gate has been traced down to 800 m depth, across a width of 350 m (east-west) and over 100 m in length (north-south). However, drilling to date has tested only the northern edge of a one km long copper-in-soil target, which also lies within a larger three km regional magnetic low that extends south to the Man zone.
- Results from the southernmost set-ups (holes MPD-20-004 to 010) suggest a higher-grade porphyry centre is emerging as drilling moves southward, which remains open to extension. Results from the northern set-up (holes MPD-20-001 to 003) are interpreted to be within a lower-temperature, lower-grade propylitic envelope that surrounds the porphyry centre at Gate.
- In addition to extending the Gate zone, drilling in 2021 will test high-priority targets elsewhere at MPD that exhibit similar regional magnetic lows, copper-in-soil anomalies and mineralization in historic drilling.
WEIGHTED ASSAY INTERVALS FOR HOLES MPD-20-003 AND MPD-20-006 TO MPD-20-010
Hole ID From To Interval** Cu Au Ag CuEq
(m) (m) (m) (%) (g/t) (g/t) (%)
MPD-20-003 158.0 663.1 505.1 0.15 0.04 0.69 0.20
includes 188.0 363.0 175.0 0.20 0.05 0.59 0.25
includes 308.0 347.0 39.0 0.29 0.06 0.67 0.35
and includes 399.5 608.0 208.5 0.17 0.04 0.95 0.22
MPD-20-006 183.8 633.0 449.2 0.34 0.21 1.48 0.55
includes 195.0 555.0 360.0 0.40 0.25 1.72 0.65
includes 261.0 432.0 171.0 0.62 0.43 2.55 1.03
includes 337.1 414.0 76.9 0.93 0.72 4.12 1.62
and includes 376.0 414.0 38.0 1.18 1.08 5.54 2.21
MPD-20-007 279.0 720.0 441.0 0.42 0.22 1.49 0.63
includes 435.0 648.0 213.0 0.65 0.37 2.23 1.00
and includes 447.0 543.4 96.4 0.75 0.42 2.52 1.16
MPD-20-008 drill hole lost in overburden
MPD-20-009 drill hole lost at depth, no significant assays
MPD-20-010 212.0 749.0 537.0 0.23 0.09 1.15 0.33
includes 212.0 315.4 103.4 0.37 0.11 2.04 0.49
includes 269.0 315.4 46.4 0.57 0.16 1.80 0.73
includes 522.9 661.6 138.7 0.28 0.07 0.80 0.35
and includes 778.0 781.0 3.0 0.05 9.62 2.40 n/a
* Copper equivalent grades are for comparative purposes only. Calculations are uncut
and recovery is assumed to be 100 per cent as no metallurgical data are available.
The following metal prices were used to calculate copper equivalence: CuEq equals
per cent Cu plus ((1,800 divided by 31.104) times Au g/t) divided by (2.90 divided by
0.454 times 10)) plus ((19.00 divided by 31.104) times Ag g/t)) divided by (2.90
divided by 0.454 times 10)).
** Intervals are downhole drilled core lengths. Drilling data to date are
insufficient to determine true width of mineralization.
The Gate zone was discovered in 2019 at the north end of an approximately one-kilometre-long (north-south) by 300-metre-wide (east-west) copper-in-soil anomaly. The 2020 MPD campaign focused on determining the extent of copper-gold mineralization with a total of 6,698 metres drilled in nine holes from three set-ups. Drill holes MPD-20-001, 002 and 003 were drilled westerly from the first drill set-up located 190 metres east of the original 2019 discovery hole. Holes MPD-20-004 to 007 and 009 were also inclined from a second pad 75 metres south of the first (MPD-20-008 was lost in overburden and MPD-20-009 was lost before reaching the target depth). Hole MPD-20-010 was drilled vertically from a third pad located 290 metres west of the second set-up.
Kodiak's drilling has encountered significant copper-gold mineralization and altered porphyritic host rocks that display all the hallmarks of a well-developed alkalic porphyry system. Exploration in 2021 will include up to 30,000 metres, continuing with stepout drilling at Gate to evaluate the kilometre-long copper-in-soil anomaly, but also the related and larger three-kilometre-long magnetic low. Drilling will likewise test additional high-priority targets across the MPD property that demonstrate strong potential for copper-gold mineralization. Like Gate, the Dillard and Dillard East zones are characterized by large regional magnetic lows, copper-in-soil anomalies and encouraging historic drill results. Kodiak has a multiyear, area-based exploration permit for the MPD project to late 2021.
Kodiak has also granted an aggregate of 939,000 stock options to management, directors and consultants of the company, exercisable at $1.56 per share for a period of five years.
Quality assurance/quality control procedures
NQ-size core was sampled over approximately three-metre intervals. All core samples were sent to ALS Canada Ltd. in North Vancouver, B.C., for preparation and analysis. ALS meets all requirements of international standards ISO/IEC (International Organization for Standardization/International Electrotechnical Commission) 17025:2005 and ISO 9001:2015 for analytical procedures. Samples were analyzed using ALS's fire assay fusion method (Au-AA24) with an AA (atomic absorption) finish for gold; and by a 33-element four-acid digest ICP-AES (inductively coupled plasma atomic emission spectroscopy) analysis (ME-ICP61) with additional analysis for ore-grade elements (ME-OG62) and ore grade Cu (Cu-OG62). In addition to ALS quality assurance/quality control (QA/QC) protocols, Kodiak implements an internal QA/QC program that includes the insertion of sample blanks, duplicates and standards in the field.
Jeff Ward, PGeo, vice-president, exploration, and the qualified person as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this release. Kodiak believes historic results referenced herein to be from reliable sources using industry standards at the time. However, the company has not independently verified, or cannot guarantee, the accuracy of this historic information.
About Kodiak Copper Corp.
Kodiak is focused on its 100-per-cent-owned copper porphyry projects in Canada and the United States. The company's most advanced asset is the MPD copper-gold porphyry project in the prolific Quesnel trough in south-central British Columbia, Canada, where the company made a discovery of high-grade mineralization within a wide mineralized envelope in 2020. Kodiak also holds the Mohave copper-molybdenum-silver porphyry project in Arizona, United States, near the world-class Bagdad mine. Kodiak's porphyry projects have both been historically drilled and present known mineral discoveries with the potential to hold large-scale deposits.
We seek Safe Harbor.
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